Abstract
William Henley provides a case history of a pioneer manufacturer of electrical instruments and equipment, who expanded from instrument making into the production and laying of submarine cables. At one time he employed 2000 men and owned three cable laying ships. By 1874 he had expanded his firm beyond what one man could manage, and, when the recession came, he failed. He had lived frugally, but instead of using some of the profits to build up reserves, he spent heavily on expansion and borrowed heavily. Henley is an object lesson to all inventor-entrepreneurs: watch your cash flow, and be prepared to delegate. His personal management style did not adapt to the growth of the business and to the need for sound administration. The firm had to be reconstituted without him, and then W.T. Henley's Telegraph Works Ltd. recovered and enjoyed subsequent success.
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